Another week, another new low for conforming mortgage rates for residents in Temecula, Murrieta, Menifee, Corona, and Riverside. In fact, this week marks the 9th time in a row it’s happened for California’s Inland Empire home buyer sand home owners.
Mortgage rates are (again) at their lowest levels in history.
The data comes from the Freddie Mac, a government group and major loan securitizer for the U.S. mortgage market. Freddie Mac’s weekly survey is among the most widely-cited reports on mortgage rates and is the data used in home affordability models, among other statistics.
The 30-year fixed rate is averaging 4.42% nationally with an accompanying cost of 0.7 points. 1 point is equal to 1 percent of the loan size. This week’s reported rate is lower by 0.02 percent from last week, and lower by 0.70 percent from one year ago.
On a region-by-region basis, though, “average” 30-year fixed mortgage rates are different.
- Northeast : 4.44 with 0.6 points
- Southeast : 4.44 with 0.8 points
- N. Central : 4.42 with 0.4 points
- Southeast : 4.46 with 0.5 points
- West : 4.35 with 0.8 points
As a California Direct Endorsed FHA Lender, we are able to actually offer rates lower then the Freddie mac national averages and have lower fees!
As mortgage rates continue to slide and touch new lows, it’s an excellent opportunity to see id there is any value in refinancing or how you can lock in your rate as a home buyer. Low rates won’t last forever……they never do.